It is time for one of my favorite episodes – the law firm quarterly report!
Yes, we are a little late to the game, with the second quarter officially ending at the end of June, but better late than never!
And, this specific report is doubly fun because I’VE GOT SOME EXCITING NEWS TO REPORT!!
Law Firm Quarterly Report
If you have been listening to The Art of Lawyering Podcast for any length of time then you know how much I love setting goals, going for big goals, and then reporting back to you on whether or not I’ve reached these goals.
That’s what this quarterly report is all about.
And that is a big part of today’s episode.
Law Firm 3rd Quarter Goals
BUT, that’s not all.
I also let you in on what my law firm startup goals are for the 3rd quarter, and, maybe more importantly, I talk about how and why I arrived at those goals.
I think you’re really going to like it, so listen in!
P.S. – curious about what I do on a daily basis to create and build my successful law firm? Now you can find out first hand (and steal some of my secrets). It’s called the Law Firm Confidential Podcast, and you can get access to the first 5 episodes for free by clicking right here.
Law Firm Quarterly Report Transcript
Hey everybody this is Christopher Small, this is episode 134 of the Art of Lawyering Podcast. I am super pumped to be here with you today, this episode is coming out just a little bit late. If you are waiting for your regularly scheduled program. I have no excuse. Except that you know, 4th of July, I I don’t know, busy. So no, no real excuse and there really should be one. But this is one of my favorite episodes of the year because we are at the end of the second quarter. We just started third quarter so super pumped up what that means we get to look back, see what we’ve done. We get to look forward. See where we want to go and that’s what we’re going to do. This is kind of like the goals post right. Now the goal post, the goals post. So I hope you had a good fourth of July by the way. You know went to the Kiddie Pride. Went to the kiddie parade. I watched a bunch of kids look like they got on their bikes for the first time, you know run into each other. Breed all kinds of havoc.
But it was pretty fun. You know kids had a great time so that’s what really matters. So, but I digress right let’s talk about what’s going on. So I have a confession to make I did not so if you guys know the story. I sold my law firm in December of last year. Got out the plan was to start a new law firm C.M.S. law firm which you can find at CMSlawfirm.com. So go check it out and I was doing criminal offense, personal injury. I switched over to estate planning originally I was partnering up with some guys it didn’t work out so about mid March I officially launched, relaunch my own firm. Just me and a lot has happened in that first quarter. Basically, you know so we have April, May and June was the second quarter and my goal for the second quarter was to get to twenty five thousand dollars in gross revenue with the firm and I must be honest, I don’t think I got there but that’s okay because you know some other great things happen.
And I’m not sure I have to do that April and May numbers to to find out if I even got close and I will report back to you on that sometime. Maybe actually here’s the deal. I’m probably not going to report that to you and here’s why. Because I don’t want you to live vicariously through me. Okay, I want you to take action, I want you to be doing things, I want you to take steps and push yourself. And get out there and try some things that are going to actually make you money rather than just listening to my story about making money. If though you are a Law Firm Confidential member, you will find this stuff out because part of being a Law Firm Confidential member is getting access to my daily podcast where I talk about these stuff and in addition to what I’m doing every day. So there’s that. What I will tell you though is that I tallied up the June numbers and I officially have a six figure law firm which is pretty awesome.
What does that mean exactly. So one of my goals and one of my plans or my ideas. I wanted to try to get to six figures, a six figure law firm as quickly as possible. So if you take a hundred thousand dollars, right for the year and you divide that by twelve you get eighty three, thirty three, eighty thousand three hundred thirty three dollars per month. It’s basically what you have to make if you want to become a six figure law firm alright and so that’s what I was really shooting for. That’s why we have a 25K for the quarter because we get 25K for the quarter. Then you get six figures for the year obviously and another way to look at though is month to month. So you can say look, did I make that minimum number this month. Yeah I have a six figure law firm and I’m happy to report I’m excited to report that I did that. So in about three months I was able to create a six figure law firm. It’s pretty freaking awesome.
I also during that time had a new kid. And have been working on the other business. This business right here. So you know that’s not, that’s to brag or to boast it’s meant to show you that you can do this, that it is possible and that you just need to get out there and do some work. I spent very very little money to get to this point and in fact the cases that I signed up would have more than funded everything that I did. I’ve done so far. I didn’t do any internet advertising, I didn’t really do any search engine optimization. It was all networking and that is really kind of surprised me. It’s a change I want to kind of test it out and see what I could do just by really like blasting through the networking and it worked really well. And I can tell you how many times I had first meetings with people and it would send me clients like right away. Now that may or may not happen for you. So it’s sort of like one of those things like results may vary but I feel like if you give that a shot, that you’re going to like what you’re going see.
So, with that being said I’m going to be watching a new course very soon on networking. It’s already in the members area. If you’re a member you should go check it out but I’m also going to be selling it ala cart so if you want to get a check that out on its own you’re going to have the ability to do that too. If you go to theartoflawyering.com there’s going to be a products page that’s going to have the courses that are already up on there eventually it’s being built out by the way so if you go there, it’s not exactly fully functioning don’t beat me up. Okay. I do have some other things going on trying to get there fast as I can but if you, if you want to get the first step. The first step to my sort of perfect networking system is this thing I call the greatness tracker. You can get that I think if you go to, about what I’m going to say is if you go to theartoflawyering.com/greatness you’ll be able to find that. Okay, so go and check that out of theartoflawyering.com/greatness and you should be able to get that for free. The greatest tracker which is a spreadsheet which outlines all the stuff I want to do for the week.
And really I mean propelled my networking to the stratosphere. So that was, that’s the looking back portion. I also hired an assistant during this time. She started working for me officially about two weeks ago. Maybe the last week of June, second to the last week in June and I was just getting too busy. I need someone else involved in some of the paperwork and someone to help me with everything and she’s come in she did super awesome. I talked a lot about that in my previous podcast episodes so feel free to go check that stuff out. Okay now looking forward. Goal for this quarter are pretty simple and I’ve kind of simplified my process of trying to make it easy and give myself and ability to figure out what I need to do today by just taking a quick glance at will my goals are and moving forward on the projects. So my goal for CMS Law Firm this quarter is thirty thousand dollars. That means ten thousand dollars a month. It’s what I’m trying to make. That would be about a fourteen percent increase quarter over quarter which if you can do a fourteen percent increase quarter over quarter, you’re gonna start making some serious cash, some bank basically.
So that’s the goal I’m shooting for. To get there, I’m going to continue to execute my networking plan. I’m also going to pour some money. Now that I have some cash and by the way I’m showing you how to start and build a successful law firm. If you don’t have a lot of money, right. I’m not, I didn’t walk into this with a ton of cash that I can store around but now that one is coming in, I’m going to reinvest in the business. So I’m going to start doing Google ads, I’m going to create a follow that I can roll through Facebook as well. So that’s my plan probably will do Google ads first and then get into Facebook. Once that’s up and running because Google ads are just so easy to set up and and go through. So that’s what we’re going to do. That’s kind of it. I mean it’s really that simple so I’m going to make 30K this quarter, what I’m going to do it with networking, with Google ads, and with Facebook ads. And of course there are things I’m doing, e-mail, newsletter but that all kind of goes with networking and it goes into just kind of all of the things like that. So that’s it. That’s how simple it is to start and build a successful law firm. I guess it’s not that hard.
You just have to take action and be committed to really just giving it a shot and I hope that you are. You know, I hope that you go check out the greatness tracker theartoflawyering.com/greatness. It’s free, so go get it and you’ll see what I’m doing. You can follow that sheet, fill it up, and you’ll have clients. You will you make money. Guaranteed. All right, so that’s it for today I’m getting close to my next coffee meeting. So I will bid you adieu, hope you’re having a great quarter. Hope you had a great second quarter. Hope you are primed and pumped for a good third quarter and this lady was just driving right next to me the whole time, not paying attention or something. Anyway, there we go she was a turn. So she drove right next to me the whole time. Gosh got a lot of traffic. Anyway, hope you guys had a great quarter. Hope you guys are primed for a new quarter and hope to get the greatest tracker and hope to keep you listening. If you like the podcast go leave me a review on iTunes. Send me an email. Just tell me what you like, that’ll be awesome. And I will catch you guys later. Bye.